GE and Toshiba Sign Memorandum of Understanding to Form Global Strategic Alliance to Establish a Joint Venture in Combined-Cycle Power Projects and Technology

GE (NYSE: GE) and Toshiba Corporation (TOKYO: 6502) signed today a
memorandum of understanding (MOU) to form a global strategic alliance,
under which the two companies would jointly develop select
combined-cycle power generation projects around the world. In addition,
under the MOU, the two companies will explore the formation of a
strategic joint venture for the development of next-generation
combined-cycle power projects with higher levels of thermal efficiency.

Toshiba and GE have cooperated in gas turbine combined-cycle power
generation systems since 1982 and have existing agreements to pursue
50-Hz and 60-Hz projects together in Japan and in key regions in Asia.
Today’s announcement builds on that long, successful history of
collaboration by targeting projects around the world that the companies
can jointly develop and by exploring joint development of future
combined-cycle technology.

GE and Toshiba won a contract in 2012 to supply the new FlexEfficiency*
technology to Chubu Electric Power’s Nishi Nagoya Thermal Power Plant in
Japan. This system is being jointly configured to achieve the world’s
highest thermal efficiency of 62 percent (at site conditions). Based on
today’s MOU, GE and Toshiba will look to extend winning collaborations
such as this to customers around the world.

Combined-cycle power generation systems combine gas turbines and steam
turbines to achieve very high fuel efficiency and reduced CO2
emissions as compared to conventional thermal power plants. Exhaust heat
from the gas turbine is recovered and used to produce steam that drives
the steam turbine and generates more electricity.

GE’s FlexEfficiency technology portfolio harnesses natural gas and
enables greater use of renewable energy. The FlexEfficiency portfolio
combines record-breaking efficiency, which will reduce emissions and
save money (compared to prior GE configurations), along with
unprecedented flexibility, which will enable utilities to deliver power
quickly when it is needed and to ramp down when it is not, balancing the
grid cost-effectively.

GE and Toshiba each have a variety of complementary high-efficiency
steam turbine and generator technologies that together will bring
stronger capabilities in total engineering solutions for combined-cycle
systems such as highest plant efficiency and a shorter and flexible
start-up profile.

Toshiba’s capabilities as a full turnkey contractor have met and
exceeded customers’ expectations. The company’s abundant experience
helps develop reliable power plants with better efficiency and
competitive project lead time.

“Our newest combined-cycle power system technology, the FlexEfficiency
Portfolio, was developed to meet varied energy needs around the world,
and we are fortunate to have a great collaboration with a company like
Toshiba to help make this a reality around the globe,” said Steve Bolze,
president and CEO of GE Power & Water. “Today’s MOU significantly
enhances our longstanding relationship with Toshiba and allows us to
work toward combining the capabilities of both companies in pursuing
FlexEfficiency projects around the world while also working together on
our next generation of highly fuel-efficient power plant technologies.”

CIO, CTO & Developer Resources

“Toshiba's sophisticated engineering, procurement and construction
solutions have been well recognized by customers all over the world.
Such capability, together with GE's FlexEfficiency portfolio, will
enable the most efficient combined-cycle power plant,” said Mr. Norio
Sasaki, president and CEO of Toshiba Corporation. “Our 30- year
relationship with GE has been mainly focused on Japan in the past, and
we are excited to work toward collaborating with GE in select projects
around the world, while also developing technologies together for even
more fuel-efficient power plants in the future.”

About GE

GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.

About GE Power & Water

GE Power & Water provides customers with a broad array of power
generation, energy delivery and water process technologies to solve
their challenges locally. Power & Water works in all areas of the energy
industry including renewable resources such as wind and solar, biogas
and alternative fuels; and coal, oil, natural gas and nuclear energy.
The business also develops advanced technologies to help solve the
world’s most complex challenges related to water availability and
quality. Power & Water’s six business units include Distributed Power,
Nuclear Energy, Power Generation Services, Renewable Energy, Thermal
Products and Water & Process Technologies. Headquartered in Schenectady,
N.Y., Power & Water is GE’s largest industrial business.

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